Jersey-Based Ashburton Carries Off S&P Awards

Investors Offshore, London

13 March 2003

Jersey-based international investment manager, Ashburton, has secured two top places in the prestigious Standard & Poor's Offshore Funds Awards for 2003.

The Awards are for two of its core funds: the Ashburton Replica Asset Management Sterling Fund was first in its category over one year (Asset Allocation Global Neutral Sector) and the Ashburton Euro Global Asset Management Fund was similarly placed top in its specific category (Asset Allocation Global Flexible Sector).

All investment and asset allocation decisions for the award winning funds are taken in Jersey by the investment team led by Nick Lee, a Director of Ashburton and an equity specialist.

Trevor Falle, Managing Director of Ashburton, commented :

"At a time when many asset managers and their investor clients are suffering significant losses, our asset management portfolios were largely insulated against a third year of poor performance in global equity markets.

"These awards not only endorse the fundamental investment philosophies which have existed at Ashburton for over 20 years but also the credibility and commitment of Nick Lee's investment team and the progressive methodologies adopted. It's important recognition for our consistent track record in the performance of our funds."

Standard & Poor's Fund Awards are recognised world-wide as the standard by which managers and management groups are measured.

Ashburton is the asset management division of First Rand International Asset Management Limited ('FRIAM'). It manages funds in excess of £1 billion for more than 6,000 clients in 60 countries.

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